Finance

MSG Sports sees positive returns in Q3 financial reports

Daily / Wednesday, May 5, 2021
MSG Sports published its Q3 financial results this morning, with $183M in revenue and an operating income net of $8.1M, a positive sign considering it posted operating losses each of the previous three pandemic-impacted quarters. Revenue and net income were down from Q3 of '20, though those comparisons have...

Under Armour beats industry expectations with strong Q1

Daily / Tuesday, May 4, 2021
Under Armour in today's Q1 earnings report "beat Wall Street estimates" and "raised its financial guidance for the rest of the year," according to Holden Wilen of the BALTIMORE BUSINESS JOURNAL. UA "experienced growth in all regions of the world except Latin America." It also "cut its sponsorship commitments...

Action Network purchased by Denmark-based Better Collective for $240M

Daily / Tuesday, May 4, 2021
Denmark-based Better Collective has "agreed to purchase rival Action Network" for $240M, according to Benjamin Mullin of the WALL STREET JOURNAL. Better Collective CEO Jesper Søgaard said that Action Network will "jump-start Better Collective’s U.S. operations," which are targeting $100M of revenue in '22. Søgaard also said that Patrick Keane...

Under Armour paying $9M to settle finance probe

Daily / Tuesday, May 4, 2021
Under Armour has reached a settlement with the Securities & Exchange Commission to pay $9M in fines over "misleading its revenue growth to investors" between '15 and '16. UA "used the 'pull forward' method to accelerate existing orders that customers requested be shipped in future quarters, in an effort...

Danish group buys Action Network for $240M

Daily / Monday, May 3, 2021
Denmark-based Better Collective said today that it has "agreed to purchase" rival Action Network for $240M. Better Collective’s existing U.S. businesses include DFS website RotoGrinders and betting-tips platform VegasInsider. The sale of Action Network, which was formed in '17, "means a payday for its controlling shareholder," Chernin Group. A...

Endeavor IPO, Super League impact lead finance moves

Weekly / Monday, May 3, 2021
Mega-agency Endeavor finally went public last Thursday, nearly two years after it scrapped initial plans for a market float due to weak investor demand. The company’s financial performance has since worsened, but Endeavor is betting investors will see value in recent acquisitions and plans to scale up coming...

Endeavor leaders optimistic after first day of public trading

Daily / Friday, April 30, 2021
Endeavor made its market debut Thursday, closing the day with a "market cap of more than $10 billion," according to Andrew Ross Sorkin of the N.Y. TIMES. Endeavor CEO Ari Emanuel, asked why the IPO went ahead this time following a previous attempt in '19, said, “There...

Endeavor stock ends first day of trading up slightly

Daily / Friday, April 30, 2021
Endeavor stock surged as much as 12% in its debut on the NYSE yesterday. The company issued the IPO under the ticker symbol EDR at $24 a share, and "saw its stock initially jump as high as $26.96 a share before giving up some of its gains." Endeavor ended...

Endeavor poised for long-awaited IPO

Daily / Thursday, April 29, 2021
Endeavor today "will kick off its first day of trading as a public company," as it is "on track [to] list its shares on the New York Stock Exchange for the first time under ticker symbol 'EDR.'" Last week, Endeavor said that it was looking to raise $511.2M by "selling...